- SG-i is a facility granted by the Bank to importers for clearance of goods at the port without producing original Bill of Lading.
- It should only be issued for documents drawn under the Bank’s LC only or clients with approved SG-i facilities for collections documents.
- It is a Letter of Indemnity to the company signed by the clients and countersigned by the bank authorizing the release of goods to the importer
The documents required for issuing SG-i are:
- Letter of Indemnity For Non Surrender of Bill of Lading
- Customer’s Letter of Indemnity (SG)
- DC Murabahah Contract Note (if applicable in case of financing)
- Letter of Hypothecation (if applicable in case of financing)
- Bill of Exchange / AB-i Draft (if applicable in case of financing)
- Letter of Authorisation to debit account (if applicable in case of non-financing)
- Copy of Commercial Invoice and a copy of carbonised Non-Negotiable Bill of Lading
- Other shipping documents (if applicable)